I’ve been wondering: how do degens make money? Do they even see funds at all, or is it all audio? If you have similar questions, it’s a good thing you’re here.
The truth is that degen flipping is one of the fastest ways to turn small capital into big returns. At the same time, it’s one of the fastest ways to lose everything. Let’s see what this truly means.
What Does Degen Mean in Crypto and Web3?
Degen flipping comes from the word degenerate. It’s used as a crypto and Web3 slang to describe traders who take risky bets without overthinking.
In crypto tokens, it means buying extremely volatile coins (often new or unknown) with the intention of selling them quickly for profit. Instead of investing for months or years, you’re holding for minutes, hours, or a few days.
Why It’s Popular in Nigeria
Over here in Nigeria, the naira’s value keeps fluctuating. The NGN to USD exchange rate has appreciated in 2026, trading below 1,400 NGN per USD for the first time since April 2024. However, the exchange rate was below 500 NGN per USD before the new administration took office in 2023, so things can still improve.
Back to degen, the method is popular because it promises quick USD gains. You can start with as little as $20 in USDT and potentially turn it into $100 in a day if the trade goes well.
But there’s another reason. Crypto Twitter in Nigeria moves quickly, and traders love the adrenaline rush of spotting a coin before the rest of the market. Talk about bragging rights.
How Does Degen Flipping Work?
Speaking from experience, this is the modus operandi I’ve noticed from most degen flippers in Nigeria:
Step 1: Spotting the Token
The first step is finding a token early. This could be:
- A new listing on decentralized exchanges like Uniswap or PancakeSwap
- A trending coin on DexTools or CoinGecko’s trending page
- A coin being hyped by influencers on X or Telegram
Early entry matters because most of the profit happens within hours of a coin gaining attention.
Step 2: Entering the Trade
When I enter a degen flip, I always calculate how much I’m willing to lose first. For example, if I have $100 USDT, I might risk only $20 per flip. You buy fast, often directly from a DEX using Phantom Wallet, MetaMask, or Trust Wallet.
Step 3: Exiting Before the Drop
The exit is where most beginners fail. A degen flip is not an investment: it’s a trade. Once the price pumps, you secure profits. If you hold too long, whales or early buyers may dump, causing the price to crash within minutes.
Tools Every Degen Flipper Needs
If you want to survive in degen flipping, some tools are non-negotiable. These are the most essential ones, in my opinion:
- DexTools: Shows real-time price charts, trending tokens, and liquidity pool details.
- DexScreener: Perfect for setting alerts so you don’t miss sudden pumps or dumps.
- RugCheck: Helps detect scam tokens before you buy in.
- Telegram/Discord Alpha Groups: Where early information spreads before it hits mainstream crypto Twitter.
Can You Really Make Money from Degen Flipping?
Sure, you can, but it comes with caution. I’ve seen friends flip $50 into $500 in a single trade. I’ve also seen others lose $1,000 in less than 10 minutes. The money comes from riding hype waves early and exiting before the crash. Unlike long-term investing, this is not about believing in the project. It’s about capitalizing on market psychology.
Degen Flipping Risks You Must Understand
Here are the important risks I believe anyone should know before jumping into degen flipping:
Rug Pulls
This is when developers suddenly withdraw liquidity, making your tokens worthless. In Nigeria, many traders have fallen victim to rug pulls because they bought without checking the project’s background.
Pump-and-Dump Schemes
Whales buy large amounts, hype the token, then dump on retail buyers.
Fake Contract Addresses
Scammers post fake tokens with names similar to trending coins, tricking you into buying them.
Extreme Volatility
A token can lose 90% of its value in under an hour. If your internet lags or you hesitate, you could be left holding the bag.
My Personal Degen Flipping Rules
After losing a few trades early on, I now follow three personal rules:
- Rule 1: I only enter trades where I can find the dev team’s activity online.
- Rule 2: I sell 50% of my tokens once I double my money.
- Rule 3: I avoid tokens with less than $50,000 liquidity — it’s too easy for whales to manipulate.
Is Degen Flipping Worth It?
I’m being real when I say degen flipping is addictive. Seeing a token rise 200% in minutes can make you forget the risks, but you can’t afford to trade based on emotions alone. Not in Nigeria. The winners are the ones who treat it like a calculated business move, not a sports bet.
